Transcripts For FBC Varney Company 20240712

It is armageddon, moments ago the president told fox friends, he would not name his nomination to the court until after the services for Justice Ginsburg are completed, he said he would announce friday or saturday. He said he would move quickly, he said time for a vote before the election. Now look at this, a wall street selloff, major leagues, all kinds of problems for investors, election chaos seems to be a certainty that could even be a constitutional crisis of the Supreme Court has to decide the election and there are only eight sitting justices, there could be a tie. A second wave of virus infections has hit europe, especially britain, there are worries and comes here. China holding military maneuvers as a u. S. Envoy heads to taiwan. Grandpa got up and look what you got. The dow will be down 500, maybe 600 points at the opening bell, the s p 53 points lower in the nasdaq down 170, that is a selloff, in a moment you will hear more from the president because later on today he is heading to a rally in ohio. You will hear from senator schumer, the republicans say he would pack the senate with new reliably democratic members from puerto rico and the district of columbia. We will also be counting the vote, who are the wavering republicans. What a day, what a year, Varney Company is about to begin to jam this nomination through the senate is just an exercise in raw political power. If i win this election, President Trump nominee should be withdrawn. As a new president , i should be the one to nominate Justice Ginsburgs assessor. Im looking, were going to make a decision on either friday or saturday, i will announce it either friday or saturday. We are looking for somebody who is brilliant and really understands the law and abides by the constitution. And a good person, were looking for a good person, person who is really been somebody that has a very, very high moral values. Stuart got it, joe biden the president and the markets are still way way down, keith is with us, market watcher with us today. This is a selloff in my opinion based largely on election chaos, when does the selling stop . I tell you what, i wish i knew, this is very unsettling to me, ive seen a lot in the nearly 40 years ive been involved in the stock market one way or the other and this one coming in today is very, very disturbing to me on a lot of levels. Stuart theres a number of problems, not just election chaos but the big banks hit with Money Laundering, not quite charges but suggestions, the wall street journal, the second wave is a possible threat to the United States, i take it you no longer forecasting new highs for the dow, the s p or the nasdaq. Heres the thing, the new highs are going to stick but its what we got to go through before we get there that concerns me, traders i was talking to before i came on today are very concerned around the world, everybody wants to take their foot off the gas, myself included, i think the selloff could be worse than the covid situation if we dont get all the headlines under control. Stuart are you selling this morning and advising your clients get out now what you c can. Will tell you what i going to do in my own money, fidelity a big coming in the next hour or so after the open, then i am possibly going to go to the sidelines myself. Stuart when you say go to the sidelines, interpret that, that means you would be selling you would go to cash, would you sell hightech. That is how severe this is, as much of a fan of hightech as i am, i want to buy lower every chance i get but im not sure i want to step in front of a moving train or try to catch a falling knife, theres no rush when sentiment rules on the market like it is today. Stuart let me put it like this, you are extremely cautious as we speak. More cautious than i have been in a long time. Stuart keith, we will leave it at that Keith Fitzgerald thanks for joining us. The president moments ago talking about the vaccine, roll the tape please. I would say that you will have it long before the end of the year, maybe by the end of october if pfizer is doing very well, Johnson Johnson has an incredible vaccine that has been well, they will probably be a little bit later in my internet is doing very well also in oxford on the other side, we are very much involved with out as well. Stuart the president remains very optimistic on the timing of the vaccine, lets get more on the whole covid situation here is doctor marc siegel i want to talk to about the second wave which is hit europe, britain in particular, is a second wave going to hit us . We dont know, i dont like the terminology second wave that implies to the 1918 spanish flu where there was a mutation in the virus and this virus has been very stable, its more about an extension of the first wave and with cold weather and low humidity and people gathering closer together indoors, theres more opportunities for the virus to spread so we have to see more vigilance. But it is not a foregoing conclusion for careful then we will get it. Stuart any uptake in cases will be considered a second wave . Yeah, thats part of the history of the situation, over the last several months since july weve seen a decrease in the number of hospitalizations in the United States and a decrease in the percentage that are testing positive, things have actually gone down but the number of new cases whenever they go up there is a big fanfare of response and it hits the markets. The much more important number for physicians is how many people are hospitalized and how many people get better. Stuart im not asking you to guess or speculate but the chances of a spike in infections, do they go up because of the cold weather is now upon us, is the weather one of the factors in this situati situation . Yes it is because its a respiratory virus, it travels farther and cold weather and low humidity, those are factors in again with people huddled close together, it is more of a risk and it means more vigilance. , absolutely. Stuart in london the mayor is considering more restrictions, reimposing restrictions, do you think if we got an uptick in cases here that we should reimpose some restrictions. No, the cost are tremendous, these restrictions and lockdowns, just now a study came out a Boston University that showed 27 of americans are depressed, usually its eight, three times as much depression in the United States right now as a year ago, job losses you talk about constantly, 19 million jobs lost during the pandemic, this is an enormous cost, it has to be considered in the lockdowns are marginal val value, what works is stopping travel to areas that dont have it, that works and physical distancing works and masks work but the idea of severe lockdown only hurts the economy in our physical mental health. Stuart doc siegel, thank you for joining us this morning an important subject. The latest on the tiktok and we chat situation susan is with us looks like they will not be banned. Susan a federal judge ruled against the ban on free speech except in the argument as the only form of communication for chinese speaking, chineseamericans, 19 million use we chat in america, this is only preliminary, we have no word from the administration of the follow through on plans to be in it in the office at stores and cut off payment. Stuart that as we chat, lets deal with tiktok they have a deal in the president has blessed the deal. Susan if you heard from President Trump on fox friends giving his blessings but only they can guarantee that the data is secure, this involves oracle, walmart to get a 20 ownership in tiktok they value at 60 billion and they will ipo in a years time, roughly they say they want 25000 jobs here in the u. S. Which means 5 billion into the treasury in the form of taxes in texas as a front runner for the new headquarters and President Trump also want to fight billion dollar Education Fund but that depends on the Company Finally got through. Stuart the whole thing depends upon the data not being under the control and the possession of beijing. Susan correct, or call if you see the performance in a down market because they say they will guarantee as an exclusive cloud partner, they see where the data goes in and out. Stuart lets get details on test was competitor rival nikola, lauren simonetti, the stock down 27 , founder Trevor Knowlton is stepping down. Lauren with a shock announcement, the founder and the executive chairman is out, look at the stock milton shock resignation comes after obligation of the short seller hinder big research that nikola is a fraud, that led to a reported sec department investigation, you have to think of Trevor Milton kinda like elon musk of tesla, they have the cult following, milton being out is a big shock to his crowd of believers. It puts General Motors 2 billion taken nikola at risk even though gm said as of now they are not pulling out of making nikola Badger Hydrogen pickup. Either way the gm investment gave nikola street cried, its up 230 this year but this quarter under all of the pressure is down about 50 . Stuart thank you lauren, i wonder if the nikola situation is having any impact on the overall market, a grave disappointment for sure, look at going down, that was up 600, nasdaq down 176 pregod is a selloff on a monday morning, we have a big show jampacked all the way through, congressman is with us, the next revolution host steve hilton, fox nation tammy lauren and hhs secretary alex azar to round it all out, then we have Speaker Pelosi, he is not ruling out impeachment as an option to store President Trumps Supreme Court pick, impeachment, hold on what do you think judge Jeanine Pirro will have to say about that, you will find out after this. Still your best friend. And now your copilot. Still a father. But now a friend. Still an electric car. Just more electrifying. Still a night out. But everything fits in. Still hard work. Just a little easier. Still a legend. Just more legendary. Chevrolet. Making lifes journey, just better. Theres an art to listening. Its the ability to hear more than whats being said. To understand the meaning in every pause. And to be able to offer the answers that make someone feel truly heard. I understand, lets get started. Thats what you get when you talk to a Dell Technologies advisor. Stuart it is a selloff anyway you slice it down 500 on the dow 150 on the nasdaq, the Supreme Court battle, that is part of the markets problem this monday morning, look who is here, the author of the new book, dont lie to me, available today, judge Jeanine Pirro, what do you make of Speaker Pelosis threat of impeachment. I think its consistent with the raw political power grab that she makes every step of the way, americans should be disgusted with the fact that for the last three and half years, the democrats under nancy pelosi have tried to do anything to stop President Trump from delivering the American People but now she is threatening impeachment that the president goes forward with the nomination of a candidate or the nominee for the Supreme Court, i got the constitution right here and it says the president has the right to nominate to the highest court, the bottom line is the president doesnt stop because nancy pelosi thinks that we should wait, by the way the American People dont elect the Supreme Court justice, the president nominate once the president is elected, thats one of the reasons the American People voted for donald trump and his promise has constructional list and originalist and recognize the constitution for what it is, not something that they can expand in the history of those on the left, in addition, the threat to impeach bill barr is even more bizarre. Stuart to even pack the court is bizarre as well. You know this, theres two names emerging from the list of possible Supreme Court pics by the president , Amy Coney Barrett, clerk for the late justice cilia barbara lagoa, both are women but the democrats are going to oppose them vigorously despite that, they will oppose anybody the president suggest. Yes, whatever woman, the president has said he has a list of five that he will select that nominee friday or saturday after the funeral of Justice Ginsburg which is out of respect to her but whether its Amy Coney Barrett or anyone of the number of women, there is young woman named alice rushing who is very impressive also, the president is looking for 70 has the ability to sit on the court for decades and that is why it is so important in this game, i think Amy Coney Barrett has already proven shes got the metal to go through this process which will be the worst we have ever seen because she went back at senator Diane Feinstein who said referencing her catholic faith lives loudly within her and said feinstein everyones dog whether political or religious lives loudly within them. I think that the nominee will be someone that the president is not just and pressed, he said theyre all brilliant but somebody who can withstand what is coming at them. Stuart judge jeanine, thank you very much joining us, we always appreciate your input. Judge Jeanine Pirro. Im looking for that book two. Coming up on 920 the new york exchanges holding a moment of silence to honor Ruth Bader Ginsburg. [silence] [silence] [silence] stuart that was one minute of silence on the New York Stock Exchange for the late Ruth Bader Ginsburg. Trading begins very shortly and its going to be a selloff, right now we are down 500 for the dow, 160 for the nasdaq, we have election chaos to worry about, the possibility of a second wave, big banks are in trouble for alleged Money Laundering, loads of problems for investors this morning, we take you to wall street, the opening bell after this. This is the feeling of total protection now that we protect your identity, mobile phone, auto, home and life youve never been in better hands allstate click or call for a quote today im a delivery Operations Manager in san diego, california. 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Claim your seventyfivedollar credit when you post your first job at indeed. Com promo stuart plenty of red ink, big time selloff at the opening bell, ash first of all what are you looking at. Ashley i got up this morning and looked at europe and were seen exactly whats happening there happening here, you have the chinese tension with the u. S. And china beijing with washington allegedly meddling with taiwan, this report of banks, International Banks accused of Money Laundering and letting it happen, the big issue is the fight over the vacancy of the u. S. Supreme court, what does that do to a stimulus bill, does not get pushed to the side, the bottom line following whats going on in the uk, this has people nervous, the number of cases of coronavirus in the uk is doubling every seven days, that continues it would be a rate of 50000 new cases by midoctober every day, the government and the uk already shutting down some areas which is very worried and parts of the country and wales as well, literally locked down again, that is put the jitters through people because theyre concerned that could happen in the u. S. Stuart you are right, lauren what do you have. Lauren one week out from the first president ial debate, all the talk like ashley said is awkward to be fiscal stimulus, how to get us out of the coronavirus mass but its going to be who will be the replacement Ruth Bader Ginsburg if you thought before all of this the election would not be decided until january, you are correct, yet the mailin voting, if the Supreme Court has to decide the election and you have eight justices in the swing justice, robert sides with the liberals, it is a tie, who is going to be the next president of the United States. Stuart that is election chaos. Susan Goldman Sachs putting out a note over the weekend say in abiding when would be bad for the u. S. Seller in a weak u. S. Seller would be a weakening u. S. Economy and bad for stockholders especially in u. S. Seller form, Goldman Sachs say they see polls nearing for the november boat, its not an outright biden went according to them, they see 53 chance of beau Biden Victory but the polls are closing in Goldman Sachs view. Stuart the narrower the election the more likely it is delayed and becomes extremely, what is the word, extremely contentious with legal challenges. Susan we will find out novembeo them the reason they see the polls narrowing and the voters narrowing is the High Tax Companies are outperforming the lower Tax Companies meaning that Corporate Tax would not go up if biden does not win on novembe november 3. Stuart i think election chaos is the driver of the selloff today, i dont think anybody, ashley, lauren, you, i dont think anybody disagrees with that that the election chaos is virtually guaranteed, i saw the ruling in pennsylvania, they can count ballots that did not arrive until friday november the sixth, that is when they can start counting the ballots, pennsylvania is a swing state, if its close can you imagine the chaos just in pennsylvania which emerge elsewhere, what weve got here is a selloff from the getgo this monday morning, im not going to go around the horn to ask how will the market close today because none of us have the faintest idea, lets get on with it, we have one minute and ten seconds to go and then well have the opening of the market, we are down across the board, one other story that i want to break your attention, this is hurting the banks, the story in the wall street journal, who is it, j. P. Morgan. Susan Deutsche Bank, 2 trillion in funds that may have been illicitly moved to the u. S. Financial system. Stuart movie money illgotten gains around, those stocks, some are dow stock, look at that down 82, 3 thats a big drag on the dow industrials, further selling on the big tech stocks just as we did last week, some are way down, microsoft or example, obviously i follow it way below 200 a share having hit 230 for a couple of weeks ago. Susan is down 20 from recent highs. Stuart down 20 , that is apple and premarket they are down again. Here we go monday morning, you can hear that theyll, we are about to see a lot of red ink, i have no idea how we play but opening up we are down, right from the start we are up 1. 5 , that is a 400point drop in the first couple of seconds, i see only one gainer of the dow 30, that is walmart, thats because they do have a piece of the new Tiktok Global the company that will be produced, the rest of them with one exception, 28 of the dow 30 are in the red and i mean big time, that is a loss of 1. 7 , 500 points from the start, the s p 500 im sure it is down and it is 1. 5 , 51 points lower and given the nasdaq, where is that as we kick off the day, down 1. 59 , that is because of this, show me the big tech, obviously on the downside across the board, alphabet, google down 15 bucks, microsoft down three, 197, amazon is down 48, they are back to 2900, i think the high was 33, 3400 a share, way down. Facebook at 246, they hit 300, apple one 04, whether they hit i cant remember. Susan it was closer to 150, my goodness, thats a selloff in a half, lets check nikola the important story today, their founder and chief executive, Trevor Milton stepped down in the midst of fraud allegation and that stock is up 28 , you think that is contained in nikola not spreading to the negative for the market. Susan i might have an impact on tesla but that may be stock positive for tesla with competition. Stuart i think tesla is up today, show me that, yesterdays, 7 hi, remember battery day is tomorrow, big deal, oracle and walmart, both of them up today, you can call them tiktok winners, President Trump signed off on that deal, split 20 of the new Company Called Tiktok Global headquartered in the United States, 20000 jobs come to america, the president wants 5 billion to go to an Education Fund as part of the steel, there you go, to tiktok winners, the only winner so far this morning, lets get more on the virus, the World Health Organization says the second wave has started in europe, its even worse than the first wave so says the World Health Organization, the vaccine on the downside, how about the airlines are guaranteed they are down this morning, yes they are, whenever you talk about a second wave, that would hit travel big time, down to the travel companies. I need Charles Payne host of making money with charles, he is here with us right now. Thank goodness for that. To me this selloff is about election chaos, what do you say. I disagree a little bit, that is on the list but i think it is about washington, d. C. , chaos but i think it means a physical package which ive been saying for a month must happen and its much further away from happening, on friday the Federal Reserve came out. Stuart you think that the nomination to the Supreme Court in the fight that is inevitable and already launched, you think that counts out a new Stimulus Program, you are not going to get it. It hurts it a lot, if you listen, we heard nothing is off the table, theyve declared war, they are talking and rewriting the constitution and adding space and more justices, turning america upside down on his head, it is hard to see how they would be able to get a fiscal deal done then but i think thats the biggest thing, this economy needed the push and need this push in on friday the Federal Reserve came out with a report on how household wellbeing and underscored the fact that enough americans after suffering without any additional help, youre going to have the k recovery, people with bachelors degrees and working from home are okay but too many millions of americans were potential consumers who would want an assistant will be shut out. I think that is the most impactful thing right now but there is a list obviously the people are worried about this morning. Stuart there are all kinds of problems, left, right and center there all kinds of problems do you think adds up to a sharp downside made for the overall market . I think it means, im not sure how far down we will go but the market is sending a message to the federal government and the Federal Reserve, you talked earlier about wherewith the market close, no one knows but if jay powell had a comment or statement at 11 00 oclock and he said were going to curve yields, we would close up or at least erase a lot of the things, where we go will depend if the answers are answered, i think the Federal Reserve can move more quickly but something is going to have to happen to spend the selling right now, i dont think we go back to march 23 lowes but we made some pretty big moves, we were up 76 on the nasdaq from march 2013 september industries up to 50 80 you will get some of that back, not all but this is a message, the market is sending a signal to those with the power to do something. Stuart got it, we will see you this afternoon, that is a promise, good influence, good to have you want, check out facebook, it is a selloff, 550 points down, thats the best part of 2 to the downside. I gotta tell you, look at the level 27100, the alltime high is just over 29000, is it not a huge pullback but a nasty downside move today, the ten year treasury yield, good indicator,. 66 , where it was last week, the price of gold, wheres that, 1922, down today, down 40 bucks today, on gold, interesting, bit coin, 10500 down 300 according, the price of oil, wheres that, the pressure has come off the Gulf Oil Producers in the gulf of mexico and were down a book, 40 per share, that is the market this morning you opened on a monday sharply lower, now this, congresswoman alexandria ocasiocortez rounding her far left bait saint Justice Ginsburgs death should radicalize democrats, watch this. Let this moment radicalize you, we win in november, im sorry to tell you youre not going back to brunch. Stuart okay 43 days until the election and you can bet an election, im certain of this election chaos is coming and ill speak more in my take at 10 00 oclock, still to come on this program today health and Human Services secretary alex azar, what about the vaccine, are we going to get one real soon, the president says yes, what will alex azar say, hes in the 11 00 oclock hour, a lot more to come on Varney Company. One day well look back and remember the moment that things, for one strange time in our lives, got very quiet. Some lost work and invented new ways to get by. Others were busier than ever, and found strength they never knew they had. We sheltered with the people who matter most, sometimes finding how far apart wed drifted. We worried over loved ones, over money, over our planet. And over takeout. And we found a voice one the noise out there had kept quiet. 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Call now so you can. Retire better stuart just to confirm this is a monday morning selloff, down 600 on the dow and close to 200 down on the nasdaq composite, look at big tech, all of them sharply lower, lets bring in ray one who is been the champion, you consistently said by and you have been right, up until now, are you beginning to waver telling people buy, buy, buy big tech. The macro conditions are crazy at the moment and you cannot beat the momentum but the fundamental and big tech are still there, a. I. Based companies, cloudbased companies, Digital Companies are still going to win in a couple are doing well but if you look at the overall picture versus september 2 and if you look at it since a beginning of the beer big tech has still outperform. Stuart are you going to buy the dip you ray want you ray wang are you going to buy the dip . Im not going to buy it because they want to see how the week pans out on the election chaos but there are a couple of stocks that i think will do well and those are shopify, snowflake, apple, amazon, nvid nvidia, and microsoft and the thing that they have in common is related to the cloud and also their ability to do a. I. And automation, that is why i still like them. Stuart you still like them but this is enormous dip that they have all taken, who is to say where this ends, are you going to tell is where does this and . I cannot forecast windeds going to end but i think it will happen after the election. Stuart thats a big problem, theres an awful lot of people who own a lot of stock in the big tech names, they are down 20 odd from their highs from a couple of weeks ago, you say this will not indent until after the election, that is seven weeks away, we have seven weeks worth of selling until then. I think in the long haul the big tech stocks will do well because of the fundamentals are there and these are stocks that are going outperform over the test of time, there is definitely, these are the digital giants and they are winning and the monetization models in the business models. Stuart hold on, i want to break away for a second and look at tesla, i believe tesla is up today, i was assuming that is because its battery day tomorrow. Susan we had a leaked email with elon musk telling employees that has a shot at a record quarter for vehicle deliveries, this is been reported by electric, teslas a last record delivery was 112,000 cars that were delivered in the fourth quarter, the final three months of last year 2019, he has a shot of beating the number, he says that in battery day tomorrow, high expectations, musk has promised exciting things and analyst say we will get at least one new type of battery and given inspiring start date for manufacturing its own sales at scale, meaning they manufacture their batteries in nevada and do this in shanghai as well and berlin in the future and we know Credit Suisse is a battery business on its own and could be worth 100 billion, meaning they will sell the electric car batteries to other companies in the future. Stuart the big deal is a new kind of battery, a technological breakthrough. Susan manufacturing at scale, these are very sophisticated and were only delivering 112,000 cars each quarter, think of the 10 million that gm delivers during the same. It is a ramp up. Stuart the stock is up eight bucks, market that is selling off acrosstheboard, ray wang what do you have to say about tesla at 450 right now. Im looking forward to battery day i think you will hear about a million mile battery and new suppliers come into the mix and tesla emerging as a supplier to the manufacturers in the long run for battery technology, theyre getting the battery to be more dense and less cobalt and it might get to a point where theres no cobalt using the dependency on the rareearth, itll be exciting to see what they rollout. Stuart lets be clear there calling a million mile battery, that does not mean a battery that charges once and you go for a million miles, can we be clear. At last a million miles. Stuart its difficult with the delight in time, you say the million mile battery would last for a million miles. A million miles worth of usage, right now they die about 200,000 miles, the most they can probably take them, going to a million gives them longevity. Stuart that would be a breakthrough, thank you for joining us this morning. Stuart one more check of the market, we have to do this, down 590 on the dow and 140 on the nasdaq, oracle, that is moving up, 61 million a share part of the Tiktok International deal, investors like that, the stock is at 61, that might be an alltime high, we will take that, President Trump soon to pick a nomination for the Supreme Court, some democrats are floated the idea of packing the court, expanding the Supreme Court with more members, it is desperation, i will go out it at my taken the top of the 11 00 oclock hour. Joe biden entering with 466 million in cash, 140 million more than the president , thats a problem for the trump campaign, we will break the numbers down for you. Limu emu doug you know limu, after all these years its the ones that got away that haunt me the most. [ squawks ] cause youre not like everybody else. Thats why Liberty Mutual customizes your Car Insurance, so you only pay for what you need. What . Oh, i said. Uh, this is my floor. Nooo only pay for what you need. Liberty. Liberty. Liberty. Liberty. Here . Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. If i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with Xfinity Mobile. Stuart down 600 on the dow, 130 on the nasdaq, most groups of stocks are sharply lower especially or including the airlines, look at them go down, second waiver of the virus hitting europe, that hits travel when you hit travel airlines go down, financial stocks are getting slammed bigtime today, ashley are you going to tell us what is behind the selloff. Ashley more than 2000 suspicious activity reports covering more than 2 trillion in transactions were leaked the Buzzfeed News and shared with investigative journalist, these reports claim to show how senior banking officials allowed fraudsters to move money between the accounts in the night so the funds were generated or used criminally, five local banks were named in the investigation, j. P. Morgan chase, Deutsche Bank and the bank of new york mellon, as the report claims big banks shift money for people that they cannot identify and in many cases failed to report suspect transactions until years after the fact, they also accuse the banks enriching themselves for facilitating the work of terrorist and klepto cracks and drug kingpins, although banks have responded in many saying the reporting question is old and new procedures have been put in place but the damage is being done today but the bank is taken a hit here and around the globe. Stuart a lot of those of members of the dow 30 and thats whats helping the dow 30 drop 600 points. Amazon, speculation that is prime day may be on a later date this year, what is the speculation. Lauren they are saying its going to be in the fourth quarter, october, november or december but they have not said when exactly, reports a october, october 5 as a placeholder, this is usually in july, last year lasted 48 hours and brought in 7 billion, but how close is amazon going to push to the holidays this year because the closer to christmas and cannibalize is its own sales instead of having a huge summer event and black friday events, has one and it can hurt its competitors. Stuart interesting the stock is only down 17 18 a mere. 6 and otherwise major selloff, look at the level, 2900 bucks for amazon, i think it was 33 34 previously, tell me susan, why are the big tex selling off so much. Susan the taking money off the table, amazon is down from 3300 levels, we have apple down in a bear market territory meaning 20 lower than the recent highs which was at 137 a share, the reason for looking out a lot of broad selling and getting into the value plays meaning the companies that are trading cheaper relative than what they should be worth, these are called Growth Stocks of big tech, the writing up so much people have capped the profiting taken that money investing elsewhere, were looking at the s p and nasdaq the list since july 30 and were looking at nasdaq and correction territory 10 from recent peaks, you look at last week the ipo mania in 2020, where you think that money comes from, you have to sell something to raise cash to buy into new companies and what they have been selling are the run ups in the big tech. Stuart i noticed apple has come back a little bit, it was down a couple of bucks earlier now its 106. Right now youre at 106. Some of the selling stopping and apple. Millions of people own shares in apple, you are still at 106, big show still ahead rian seek cassie is here, steve hilton, hhs secretary alex azar coming up on the show today, 43 days until the election, mailing ballots, legal challenges, vacant Supreme Court seat, that to me guarantees and election chaos, that is what is hurting the market. That is the main factor in the market this morning. That is my opinion, you will get more after this. Look at times square a bus rumbling through. Stay restless with the icon that does the same. The rx, crafted by lexus. Lease the 2020 rx 350 for 409 a month for 36 months. Experience amazing at your lexus dealer. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. 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Wow mommy, so what is it that you do . Im a financial advisor. She is aig proudly supports all the professionals taking care of our financial futures. Stuart its 10 00. Here half hour into the session. There is a sea of red, ladies and gentlemen. Down 500 for the dow. Down 134 for the nasdaq. Markets have a lot of concern. Worries over a possible second wave. It already hit europe. Scotus pick, election chaos which is just about guaranteed. All of that hurts the market. Were paying for it right you no. Big tech taking a hit except for apple. That stock is now to the upside. Maybe you could call that a little bit of dip buying. But we still got amazon down 33. Facebook is down six, et cetera, et cetera. All of them down. Microsoft struggling to lose just two dollars a share right now. Now this. Looks to me like election chaos has arrived on wall street. We know the threat from mailin balloting, counting delays, and endless legal challenges. We know all about that. Now the fight over the Supreme Court adds a new element of chaos. As of now there are eight Supreme Court justices, an even number. That means decisions could be tied 44. If a replacement for the late Justice Ginsburg is not placed soon, and the Supreme Court is called upon to decide the election, you could have a tie. That means a constitutional crisis, not something that investors want to see. The president says he will announce a nomination this week and Senate Leader mcconnell, says he will get on with it, and the senate will hold a vote. If he can get 50 votes, a new justice will be on the Supreme Court bench. It will be the president east pick but those 50 votes are no certainty. Democrats are deadset against this they will move heaven and earth to stop or delay the process. That sets the stage for a tied Supreme Court, therefore election chaos. Remember a delay in getting the result is an absolute certainty anyway. In pennsylvania a key swing state, ballots arriving as late as friday, november the 6th, must still be counted. That is three days after the vote. There are similar delays built into the counting in other states that means legal challenges. An army of lawyers has already been hired. It is going to be a contested election and possibly a constitutional crisis at the end of it. Who knows if a second wave of virus infections could arrive and throw more problems into the elections process. When the Election Results were held up for five weeks in the bush versus gore hanging chad debacle 20 years ago, the s p dropped 11 in those five weeks. It seems to me wall street is expecting something similar this year, or even worse. Thats a big reason for wall streets current selloff with just 43 days to the election. Watch this. Im looking at five very seriously. I will make a decision on either friday or saturday. I will announce it either friday or saturday. Were looking for somebody who is brilliant, really understands the law and abides by the constitution. Stuart all right. There you have it we wont get the president s pick until friday or saturday this week. Market watcher Dennis Gartman is with us. Dennis, the my premise for the editorial you just heard. What do you think . I think a lot of things are going on. The election chaos is one of the preliminary and primary circumstances. The increase in covid circumstances in the uk and europe is playing upon it. There are, i think the fact that the market itself in my opinion was egregiously overvalued. The fed has probably overstayed its welcome. There has been a slight decline in the adjusted Monetary Base so the fed is not nearly as expansionary as people hoped and there had been a huge amount of ipos in the market which require other things to be sold. I think there are a lot of things going on imminently bearish. When i was on marias show friday morning, i trade only for my account. I was modestly net short. Im getting modestly net shorter as the market falls. Were breaking trendlines on the upside. For the technicians out there we have definitive almost classic head and shoulders top in the dow. We broken every trend line imaginable at least in my opinion in the s p and nasdaq and worth of all were taking generals, leaders of the market, hightech stocks who led us to new highs in recent weeks, theyre the ones coming under the most undue pressure and finely we had guys like David Portnoy leading the market higher, charging the market to the upside. When the public starts to get enamored with stocks i think it is wise for professional traders to get less enamored and slightly parrish. There are number of things going on, stuart i brought to your attention with a note over the weekend and they continue. Stuart youre basically saying the bull run we started with the march lows, ran all the way up p to the weeks ago or last couple weeks you think that bull run is basically broken, that big picture, right . I think, the case can clearly be made that is the case. When youre down six and 7 you need to Pay Attention what is going on. Everyone wants to get bearish when stocks are down 20 . I think if youve down 5 or 6 you should Pay Attention. If you are nice profit to the upside you should go to the side of lines and take profits. I think a lot of fundamentals are at work negative for the stock market. I think you need to be very, very careful. Stuart give me some advice, dennis, should i sell my microsoft . I think you should either sell calls against it or buy puts on it or put a stop order underneath it, no question. If youre aggressively long, certainly be less so i hate to be too, too doctor 3459 i cannily bearish on televisiondramatically bearish on television and hate to give out direct recommendations to people for stocks, you should put stop orders in, selling calls, and buying puts. Stuart im reading between the lines, dennis and that was dramatic. I tell you next week whether i take your advice or not. Thank you, dennis. Thanks for having me on. Always a pleasure. Always a honor. Stuart thank you. Lets get back to the fight for the Supreme Court. Lets start with joe biden. Here is what he had to say about mr. Trumps upcoming pick. If i win this election President Trumps nominee should be withdrawn. As a new president i should be the one who nominates Justice Ginsburgs successor. Stuart i should be the one who nominates Justice Ginsburgs successor. Cassie smedley on the right of your screen, biden says i should be the one who picks the Supreme Court justice. We know that is completely within right and duty of President Trump to nominate a Supreme Court justice and given that weve got a ready republican majority in the senate to confirm and hold a vote on that confirmation. I would note about joe biden something very important for voters to take note of, he has not released a list of the nominees that he would present like President Trump has done. We have no idea who he would offer and it is very likely it will be a list full of activists judges that is very important to note as we prepare to make our votes in november. Knowing this will be a huge issue to drive voter turn out. Stuart the president goes to ohio today. I would expect him to pound on that, that joe biden is not, not so far named who his pick would be. He has got to pound on that, isnt he . Do you know for a fact he will pound on it . Absolutely. As well he should. President trump has been very transparent about who he would nominate. He did this in 16 as a candidate. Here again just recently aweek or 10 days ago. And the news couldnt bother to cover it by the way. They were too busy covering their own narrative i believe on the bob woodward book instead actually covering this very important bit of news with the list of candidates. This is so important, one of the most important things our president s do is nominate Supreme Court justices. The fact that joe biden is hiding his lies all we need to know about the type of people joe biden would nominate. We know they would be activist judges. Stuart do you know, do you believe that abortion is now front and center in this election . I think the democrats are trying to make it front and center but i think it is important that we keep in mind the scope of everything that the Supreme Court considers and you want to have originalists. We want to have judges committed to the constitution and upholding it. And anything that the far left will try to do, let me tell you this, i was taking a run around the neighborhood in capitol hill i came across a protests. The same signs they had during the kavanaugh, probably the same people they had during kavanaugh. They are out because this is what they do. This is their profession. We need to make sure that from the grassroots, from real americans, hardworking americans we are exercising our right to vote and were not allowing to debate to be taken over by a bunch of professional activists. Stuart cassie, we hear you, thank you very much. See you soon. Cast submitly. Trevor milton stepped down amid fraud al decision mitigations. I hardly call it a comeback but nikola is 28 right now. Lets deal with oracle and walmart. I will call them tiktok winners. President trump signed off on their deal. They will split a 20 stake in a new company to be called Tiktok Global headquartered in america. Oracle hit a record high when it hit 61 a share. Walmart is up to 136. Next lets focus on the s p. Its on track for its worst september in a decade. Susan 2011 at least. So the s p 500 down by 5 so far this month. September, typically the weakest month of the year for stock markets going all the way back to 1950, according to lpl research. During election years, both september and october tend to be weak months as investors prepare for an uncertain president ial election. Going all the way back to 1900. If you look how the stock market performs usually in election cycles it is good from say may to early september. And then you have this corrective stall pattern happens from midseptember to october. That is kind of what were see so far again this year. In terms of who wins, some say the stock market usually districts the winner if you gobbing ba to 1900, if stock market is positive going into the vote the incumbent typically wins. This is not typical given the covid environment we live in. Stuart tell me the truth here, do you set much store by historical precedent . Susan in terms of stock Market Performance we know september and october is usually weak. This election cycle is far from difficult this year. Stuart that was a good hedge. I really dont blame you. Susan that was option right there. Stuart very good. Speaker pelosi threatening impeachment to hold up, delay or mr. Trumps pick for the Supreme Court. He vows to nominate a woman for the job. Chad pergram latest on that. We are talking about President Trump. He will nominate a woman. Alexandria ocasiocortez using the the death of Ruth Bader Ginsburg to rally her supporters. Watch this again. Let this moment radicalize you. We have focused on voting for joe biden. I dont care if you like him or not. Stuart steve hilton has something to say about this. He is the on the show later in the next hour. Where do we stand own the vaccine progress . Well i will ask the direct question to secretary of health and Human Services alex azar. Starstudded program today. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. I cantwhat . Ve it. That our new house is haunted by casper the friendly ghost . Hey jill hey kurt movies . Ill get snacks no, i cant believe how easy it was to save hundreds of dollars on our Car Insurance with geico. I got snacks ohhh, i got popcorn, i got caramel corn, i got kettle corn. Am i chewing too loud . Believe it geico could save you fifteen percent or more on Car Insurance. Lookentertainmentour experience xfinity x1. 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Chad, i think, you tell me if im right, i think this is all about counting the votes. Can Mitch Mcconnell get 50 votes in the senate to take this thing forward. That is what it is about, isnt it . Absolutely it is always about the math here on capitol hill. There are 53 senate republicans. Over the weekend, Susan Collins, republican of maine, Lisa Murkowski of alaska indicated though thought they should wait until after the election to consider the nomination that takes you down to 5. All eyes are on two senators in particular. You have cory gardner, republican of colorado, who has a competitive reelection bid this fall and mitt romney of utah. Remember that mitt romney he voted to convict President Trump on one article of impeachment. So he doesnt always vote the party line here but it is going to come down to the mathematics in terms of both time, how quickly can they get this in, and also can they get enough votes to confirm. They could break a tie here, if it is 5050. Vice president mike pence breaking a tie. That has never happened on a Supreme Court justice. It fact, never happened on a executive Branch Nominee of january of 2017. Mike pence broke the tie, vote to confirm betsy devos as education secretary. Stuart chad, can i say this, would you agree with me, it will extremely difficult to the get the selection, move it forward, get hearings in the judiciary committee, then get a vote in the senate . I would say that is almost impossible before the election. What say you . Its a pretty tight timetable when you look at the average and in modern era about 40, 45 days. President indicated he would not make the nomination until friday or saturday. The family for Ruth Bader Ginsburg is sitting shiva until fruit need. That might be out of respect until the for the ginsburg hearing this will be closest confirmation vote that would come before a president ial election. In january of 1940, frank murphy was confirmed to the Supreme Court in january of a election year. John clark, july of 1916, also a president ial election year. William woods, who was confirmed for the Supreme Court in a lameduck session in late 1880, not 1980. 1880. Stuart im not sure those long ago precedents have any meaning in todays toxic political world. I think you agree with me because i see you nodding there and smiling. Certainly on the toxic part. It is going to be a tight turning radius to get this done before the election. Stuart talk about toxic. My goodness me. Chad, thank you, sir. See you real soon. Mack to the money. We have a selloff going on. Yes, we do. The dow is down 700 points. Lauren, i see some bigtime s p winners. Go through them, please. Lauren they sound like lockdown winners if you ask me. So you have Advanced Micro Devices which is a chip company, oracle of course with the tiktok news, campbells soup, you load the pantry . The event you have to stay home again. Ups, were shipping everything to our homes. Taketwo interactive, think video games. Outside of the fang stocks who were all winners during the first lockdown, during the entire pandemic until recently, these other names are getting a leg up today, maybe on worry what is is going on over in the uk and fears that another sort of lockdown, we have to be careful with our language, could spread outside of the uk. Stuart we got it. Lauren, thank you very much indeed. Check those vaccine makers. Earlier this morning on fox friendses the president gave us an update on a possible release of the vaccine timeline. Roll tape. President trump i would say you will have it long before the end of the year, maybe, maybe by the end of october if pfizer is doing really well. Johnson johnson has an incredible vaccine that is really doing well. They will probably be a little later. Moderna is doing very well also. Oxford, on the other side, oxford. Were very much involved with that also. Stuart optimistic timetable from the president. In our next hour, alex azar from the health and Human Services department, he will comment on that. 11 50, alex azar. One more check of the market. Were heading south big time. 771 points. That is the low of the day. What have we got on boeing . Susan were looking at those socalled value plays where the money rotated for leading declines, boeing is down. United health down 5 . American express is down 4 . Along with other financials. Goldman sachs and jpmorgan because of this report in the wall street journal about illicit funds getting through the u. S. Financial system. I also want to talk to you about some of the better performers so far in september. We talk about big tech, High Flying Technology Stocks that have done well. The s p is down 5 on the month. What is outperforming, this might surprise you, it really surprised me, think of something called materials. That is considered a value play, underperformed so far this year. Not exactly highflying Growth Stocks think of sherwinwilliams the paint company, also the air product and chemicals, lynne, these are forgotten names. Stuart meanwhile we continue to hit new loss. I see on the board the dow down 792 points. Youre awfully close to an 800 point drop. The nasdaq is awfully close, minus 200. What we have here is a monday morning selloff. I will briefly go through the factors that are really hurting this market. Election chaos surrounding the nomination of a new Supreme Court justice. We have no stimulus likely. That is a negative. Not talked about much. Look, we have this fight in congress over the Supreme Court. Very difficult to get a Stimulus Program through the congress. Thats a negative for the market. Again, weve got the virus reappearing in europe, second wave. New restrictions probably coming for london. Will they come here . Thats another negative. The big banks are sharply lower, especially some banks part of the dow industrials. There is a Money Laundering story here, two trillion dollars from what what is the expression her, ill gotten gains. Susan elicit funds, ill got engains as we call it. Concerns we made not get into the stimulus package, caught up in the debate and politics on capitol hill because of. Stuart election chaos. Stimulus, probably not. Virus coming here. Maybe. Election worries, bank worries, et cetera, et cetera, were way, way down. Next case texas congressman chip roy, he is going to be with us. He is leading a push to remove Speaker Pelosi from office. How does he plan to do that and why . I will ask him because he is on the show. President trump soon to nominate a pick for the Supreme Court some democrats are floating the idea of packing the court. Oh, boy. That destroys the independence of the Supreme Court. Theyre thinking of doing that . Well cover it next. 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By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com stuart one hour worth of trading and were down 785 on the dow and 227 for the nasdaq. Maybe no new stimulus. Maybe a second wave of the virus. Election chaos. Big bank problems. Add it all up, bigtime selloff. Youre looking at it. Battle over who gets to pick the next Supreme Court justice intensifying that is adding to the market selloff. Harmeet dhillon is with us, center for american liberty founder, she is with us right now. Harmeet, welcome back to the program. I want to talk to you about Jerrold Nadlers suggestion, expand the court, expand number of people on the court to enforce their view of our culture. That is a terrible thing. What say you . Of course it is a terrible idea. When prior democrats attempted to float this most notably for fdr back in, after his reelection and his desire to push through the new deal legislation, other democrats put the brakes on it including his Vice President , including many democrat senators. Even in this situation though the far extremists on the liberal side are pushing for this as liberal senators a as Bernie Sanders and even joe biden himself have rejected the idea of packing the courts. So, this is sort of a temper tantrum by the left, reality so many things would have to happen over the will over the American People and had nine justice over a the course after century, it would be hard to implement this particular what i call terroristic threat over the judicial. Stuart what about packing the senate, two senates from puerto rico, two senators from district of columbia, packing the senate . It is a distant possibility but theyre talking about it. Theyre talking about a lot of things. Changing the composition of the court, rotating set of justices or age limits, things like that. There are reasons pro and con including those two jurisdictions as states, among good reasons, not four more democratic votes. That is important for people on both sides to look at. Republicans can play that game. We could have north california, south california. Splitting states in half that would be dumb. We have a good balance. They need to take it down a notch, be more reasonable. Each sides get the turn in our system. Stuart they are not going to, harmeet . Take it down a notch, temper tantrum, that is not going to happen. The rhetoric is for their base, red meat, firing things up, getting any things accomplished in the senate in real life i dont think will happen unless they do more things. Eliminate the filibuster that would slow down the process. That is one of the things they are threatening to do. Yes, if the democrats in unison take a number of different measures simultaneously over objections of polling assume joe biden will honor his word and not sign some of this, it is possible. That is definitely something we need to be talking about as we go into the confirmation battle. It isnt the end of the world every time one justice from one party or another gets nominated. It is part of a political process. I think we need to stick firm what the history is and constitution provides for and focus on that. Stuart it has thrown this election into, either, not quite sure the right word to use, but it is just really opened up this election to a whole new issue. Abortion, for example, the election today is not the same as the election was last thursday or wednesday, is it . 100 correct and you know that cuts both ways by the way. Conservatives tell you, oh, we think this will galvanize our base. I think our base is pretty galvanized to be quite frank what is at stake with riots on the country. The left will say this will drive our fundraising and galvanize our race because abortion is like a religious principle on the left. It is not just abortion that is at stake. Ive been litigating covid restrictions in many cases. That is in the balance. Right now you have four justices who are willing to consider challenges to restrictions on speech, church, restrictions business being shut down. As roberts is with the liberal wing from the party, one more conservative justice could tip that balance that will be important to a lot of americans as well. There is issues with the administrative state, nongovernmental bureaucrats governing both sides. You may see lobbyists pac sitting it out because of those issues, depending who the nominee, him or her position on these issues. We already had a very fraught election. Well have a couple of additional issues. Probably more money, outside activism pouring in to influence the outcome of the election and impact the vote. Stuart i hope we do not see it go on the street with serious civil disruption. I think that is a possibility. Harmeet, always a pleasure. Thanks forebeing with us again. Well see you soon. Thank you, stuart. Stuart check the markets. Now were down 800. 823 to be precise. 26,800 is the level. The nasdaq is down 231 points. Susan, youre watching the vaccine makers. Susan i am because today you look at the dow, were down about 800 points. The leading decliner is united healthcare. We also heard from President Trump this morning in his fox friends interview where he talked about the possibility of developing a vaccine in a matter of weeks still. He still holds october as a possible timeline. Some of the names that he had was pfizer. That was something that he mentioned. Stuart j j. Susan j j, Johnson Johnson, astrazeneca still in play. They have not resumed testing here in the u. S. And moderna. Look at the cases in europe. Were following what happened on the european markets down 3 after we heard the uk come up with higher cases. So a possible second wave. Although some people dont like using that term because as powerful as first wave. Nor would we want to see that. France reported 10,000 new cases. Germany reported higher number of cases as we head into the winter, colder months. I would say the selloff is relatively contained. The vix, the volatility index, the fear gauge is only two week highs. If there was real panic it would shoot up a lot more than what it has done. Youve seen bargain buying with apple turning positive. Stuart youre calming us all down. Susan as we should. Stuart welldone. Thank you. How about this, another gaffe from joe biden. Watch this. It is estimated that 200 Million People have died, probably by the time i finish this talk. Stuart 200 Million People works out to be roughly 60 of our population. 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Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better stuart all right. This is a long, slow, steady decline right from the opening bell. Weve been in business for an hour and ten minutes. It has been a constant decline. New low of the day right now. Were minus 880 on the dow, minus 267 on the nasdaq. Youve got one little nugget here on tiktok, sues an. What have you got. Susan the deal with oracle, walmart is contingent on beijing approval. We got the latest brief from one propaganda mouthpieces of the Chinese Government, global times, more belligerent and sabrerattling more than others. Bring it up on the screen. They say beijing will not give their thumbs up, okay to the walmart deal. Has President Trumps blessing. The white house blessings. Still needs to get through the government and global times says that might not happen. Stuart walmart and oracle both involved in this deal. Susan thats right. Sabrerattling. Stuart financials clearly under pressure. A scathing report about Money Laundering by big banks this morning. Have you got details, ashley . Ashley more than 2000 suspicious activity reports, more than two trillion dollars in trans actions, leaked to Buzzfeed News and shared with a group of investigated tiff journalists. They are confidential documents submitted by banks to the u. S. Government, the treasury department. They dont necessarily indicate wrongdoing but the numbers involved are big. Deutsche bank for instance, appears to have facilitated 1. 3 trillion of suspicious money while jpmorgan disclosed 514 billion. Essentially the reports claim to show how senior banking officials allowed criminals, essentially to move money between accounts knowing the funds were the result of criminal activity. Five global banks named in the investigation. Jpmorgan chase, hsbc, Deutsche Bank, bank of new york mellon and Standard Chartered which is headquarters of course in the uk. All of 9 banks have responded. Many saying that the report is old. That new procedures have been put in place. Jpmorgan for instance, says it has thousands of people and hundreds of millions of dollars it says dedicated just to combat financial crime. Regardless what the banks are saying, their stock is taking a big hit, stuart. Stuart ill say. Jpmorgan down 4 . Morgan stanley down 4 . Goldman, 3 1 2 down. Theyre taking quite a quit. So are the travel companies. This possible second wave originating in europe. Does it come here . How bad are the travel stocks getting hit, lauren . Lauren they have been getting hit hard all morning. Whether youre looking at the hotels, wynn resorts, hilton, marriott or the cruise lines, carnival, look at that, down 7 1 2 . The issue is here whatever the uk decides to do, whether a minnie lockdown or lets say a two week lock down, the schools would remain open. Some people could go to work t would be different from the spring lockdown. It still has people very nervous. The messaging of that shutdown again is crucial. The other thing to consider in london they might have a 10 00 p. M. Curfew, 13,000dollar fines if you test positive, and are not selfisolating. The global is getting worried about the recent spikes in cases around the world with the u. S. And uk hit particularly hard. This is bad for the travel industry. Stuart i see all the airlines, cruise lines, all of them on the downside, by six, 7 . Look on your screens. Thatthat is a drop 1 2 for travl related stocks. President trump says, it is his choice as to who is the next justice. Watch this. Article ii of the constitution says the President Shall nominate justices of the Supreme Court. [cheering] fill that seat. President trump that can only happen in North Carolina. Stuart take the seat, i think that is what theyre saying or fill the seat. Congressman chip roy is talking about that and leading a push to push Speaker Pelosi from her speakership. Hough will he do that . I will ask him. Yes, we have a selloff underway, down 850 on the dow. More after this. Hi, this is margaret your Dell Technologies advisor to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. I understand, lets get started even as i look toward 65, one thing hasnt changed i still love getting on the ice. Which means i need to stay healthy. Now, as im thinking about selecting a medicare plan, i know i want one that has the kind of coverage that takes a total approach to my health. One that connects all the different parts of my health care to keep me aging actively. Aetna medicare. 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Stuart all right. Were not falling anymore in the last five minutes but we are still way, way down. Down 800 for the dow, down 237 for the nasdaq. Speaker pelosi says she would not rule out the possibility of using impeachment to block President Trumps choice for the Supreme Court. Some mentioned the possibility of if they try to push a nominee in a lameduck session you and the house could move to impeach President Trump or attorney general barr as a way of stalling and preventing the senate from acting on this nomination . Well, we have our options. We have arrows in our quiver that im not about to discuss right now but the fact is we have a big challenge in our country. Stuart congressman chip roy, republican from texas joins us now. Right, right at the top, chip, what is your reaction to that threat as to use impeachment . Well, it is a clear indication that Speaker Pelosi views impeachment as political weapon rather than a safe guard for the constitution. We saw that a year ago when she wasted six months of the time of house of representatives instead of doing our job pursuing a political impeachment without consulting the normal process. Getting a bipartisan effort for the first time in history. I think the American People saw through that. You know the democrats knew full well they failed in january and february. The speaker is grasping at straws. Clear Political Tool by speaker of the house continues to fail to do her job, which she should do instead of calling fellow republicans as enemy of the state calling for proxy voting for the first time in history and. Stuart i understand youre a part of an effort to remove Speaker Pelosi from the speakership. On what grounds would you do that. What were trying to do is bring forward a simple vote. Do you stand with Speaker Pelosi oar stand with the American People. Speaker pelosi is more concerned about getting her hair done at salon, having ice cream talked about on late shows than concern of American People. The rationale is simple. She only brought the house into session 21 or 2 days over last six 1 2 months. Were not doing our job. She calls republicans enemies of the state. She is engaging in proxy voting allowing democrats to vote literally from a boat rather than doing their job being in washington. All were asking socalled, earnings workers to do the work of keeping this country running while democrats refuse to do their job. You know, Speaker Pelosi failed to bring forward legislation on a bipartisan basis for Small Businesses like the ppp bill. I was proud to get a bipartisan bill passed but we had to endrun the speaker in order to get it done. The American People are tired of games. Bring forward a vote, stand with the spoker or dont you. You know what . Democrats stand with the speaker, im happy to run against them with the speaker. If theyre divided well show theyre divided. We need to do the work of American People. Stuart you will have to get the vote in the first place which is unlikely. Talk about the huge fight, were just dipping now. Does that mean that were not going to get a new Stimulus Program from the house . With a fight like this going on i cant see how you get some kind of agreement on the deal . This goes to my part of the problem. We can force a vote, privileged vote, republicans have to decide to bring it. The house doesnt touch the confirmmation process. Allow the president to do his job, nominate. Allow the senate to do its job, confirm. They can vote before november. Vote in the lame duck. That is up to the senate to decide. The speaker should do her job. The house should do our job for the people. We should pass a ppp extension. Get a cr done in order to get the government funded lame duck or early part of 21. We can all do this. There are bipartisan desires to save the Small Businesses. I represent about 2300 restaurants, stuart, in central texas. 53,000 employees. Theyre getting hammered. Theyre still getting hammered. A lot of main street is still shutting down as we watch wall street every day. Were concerned about the Small Businesses, the backbone of this country. Speaker of the house, bring a vote on the floor of the house, debate, amend, do our job. That is what the American People tell us to do. Stuart get the vote brought to the floor of the house. That is the problem, isnt it . Chip, im out of time. I have to leave you. Thanks for being on the show. Thanks, stuart. Take care. Connell i want to break away from the huge market selloff to look at tesla, nikola. Test a la is down 17 bucks. Susan elon musk writing in leaked email memo to employees we have a shot at record deliveries for the recent quarter. We have battery day tomorrow as well. These are what we call momentum plays. Nikola down, Trevor Milton, the executive chairman of the company has been forced to step down after fraud allegations, comments he made about the firms technology and demonstration after working truck which actually didnt work, it was a staged demonstration instead. I would say that there is froth coming out of these electric Car Companies which we know is the favorite of the robinhood day trading brigade. Not just teslas, nikolas, talking about nios and workforces. There is Addressable Market push. You know what tam is. How big the market could get in the future. Only 4 penetration of electric cars. People are looking towards the future. How much bigger can it get from here . Stuart yeah it is just, i just have in my ear, Trevor Milton, repeat that, producer. Repeat it. Susan Trevor Milton stepped down as executive chairman. Stuart i thought there was another development. We wont report it until it is checked thoroughly. A development about Trevor Milton. A big show coming up for you. Look, lou dobbs, my friend and colleague for 40 years, he will be on the show today, asking him about election chaos and the election itself. Tomi lahren will be here taking on pelosis threat of people peach. And steve hilton is with us too. He is weighing in on aocs radical warning to democrats. Plus my take on democrats warning everything is on the table. That is their quote. Everything is on the table if trump moves forward with a Supreme Court pick. The third hour of varney coming up for you. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. Good job, michael does. Ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a financial advisor. She is aig proudly supports all the professionals taking care of our financial futures. Stuart as selloff ladies and gentlemen plenty of red ink on the board at the moment, there are problems with the virus may be a second wave coming here, a selection, chaos on wall street and chaos in d. C. , down we go up 800 points for the dow and down 223 for the nasdaq, show me big tech, there was a little move towards the big tech dip buying earlier, apple had gone higher just briefly, now it is down again, up to 105 on apple, amazon is down 68 books, 2800 on amazon, remember 33 3400 bucks a couple of weeks ago, facebook was at 300 now its at 245, microsoft was at 230, Something Like that, now its 197, alphabet down 41 as we speak, that is a selloff and now this. The Supreme Court is independe independent, it is the guardian of the constitution, no party, no ideology owns the court, that independence is crucial to the proper functioning of our constitutional republic, the democrats want to change it, jerry nadler says if joe biden and the democrats win in november, the court should be packed, that is expanded with more members, expanded with more democrats, this is wrong, flatout wrong in desperation, nadler wants to guarantee a liberal interpretation of the constitution for decades to come, it would in the courts independence, its basically an attack on the constitution, his desperation is elsewhere, Speaker Pelosi for example was asked if she would impeach the president as a stalling tactic, one of the arrows in the quiver, really, impeach him for doing what the constitution demands he does, in my opinion that amounts to abuse of the constitution and then senator schumer standing right next to alexandria ocasiocortez, he says if the democrats win the majority in the senate, everything is on the table, the republicans believe that includes hacking the senate with members from puerto rico, washington, d. C. , guarantee democrats, im not sure the constitutionality of that, ive used the word desperation but its more than that, were witnessing a frenzy from the democrats and apoplectic reaction, it is dangerous, no restraint here, having for bed is spills over into the streets in heaven for bid that the independence of the Supreme Court should be sacrificed to the other hatred and contempt of the president. The constitutionality imposed independence, that is what the liberal called in there trying to extend liberal influence over the court for as long as he possibly can, that is my take, im exasperated by the whole idea that you mess with the constitution and the independence of the Supreme Court, it does not matter the fdr suggested the same thing in the 1930s, you should not be thinking about that right now, steve hilton is with us, the next revolution guy on the next fox news channel, this is desperation from the left, have your safe please. Youre completely right, you can take it further, they not only want to hack the court as they said, theyre going to crack the senate as you said they also want to abolish the legislative filibuster which means if they get enough seats they can ram through anything that they want and the senate, then they want to gerrymandered districts at the state legislature level, that will in turn enable them to fix the Congressional District so they never lose the house either it is a total power grab, where does it come from its a total demented hatred for trump thats become apparent over the last few years, it is deeper and more insidious than that, while ago people started making comparisons between the economic policies of Bernie Sanders aoc in the marxist and communist, i rejected anything about literally total ownership of the government of the entire economy, it is marxist in one sense, this is where its coming from, cultural marxism, what that means they do not see any alternative political ideology as legitimate, they literally do not recognize the validity in any other point of view, that is why they believe that they can do these power grabs and say in the same breath that its trump who is a threat to democracy but thats white so important that they are stocked. Stuart do you think this could degenerate into real civil unrest . Its not whether i think it could, they are encouraging that, look at what they were saying in the hours and days after Justice Ginsburgs death, not just random people on the left, this is people of former host on cnn who supports the democrats saying were going to burn the entire thing down, you columnist for the new york times, Washington Post calling people out onto the streets and just in case anyone got the idea that the target of a peaceful protest, the use the word riots, they are encouraging and ill give you the worst case of how this plays out, not just the rights themselves and the death and destruction that comes from that but our democracy, i now know multiple people who have said to me of course i agree with the trump policy agenda, i think President Trump would be the best choice for the country but actually i want fighting to win because im frightened of the violence if biden does not win, wouldve we come to when people are talking like that. Stuart that is extraordinary intimidation right from the get go. Thank you very much for joining us, im going to cut this short because i have lou dobbs coming up because hes right behind y you, thank you for being with us in very important points raised right there. Lets bring in lou dobbs, my colleague and friend for over 40 years, he is the guy in america that ive known longer than anybody else in this country, we go back to the 1970s, lets get serious, this is an appalling situation, i think the democracy itself, our constitution is being challenged right here, im pretty sure you agree with me. You may be absolutely assured that i agree with you, it is more than talking about and its more than the rhetoric of the arena right now, the Democratic Party is now the party of hate and intimidation, these are not spontaneous and accidental riots and acts of vandalism and violence across the country, this is planned, organized, viciousness on the streets of america in a democrat run city as you will notice, democrat run cities that are tolerating the level of violence, this level of violence is intimidation, there trying to intimidate the american voter, they are trying to intimidate everyone in washington, d. C. , the suggestion that this Democratic Party will not accept a president naming a Supreme Court justice and then seeking her or his confirmation as the case may turn out to be is outrageous, this is an assault on our most precious institutions that assure our freedom, liberty and constitution and it is not in any way rhetoric, just simple rhetoric. Stuart you laid out the precise point, why is it that we got a Republican Party which cannot stay solid behind the president at this vital moment, why not, whats with the republicans questioning. Republicans, my opinion and as ive said in britain for some time as a party that has been so beholden to the corporate interest in this country that theyve lost sight of fundamental values, i think theyre rediscovering them but only to the degree in which this historic president of ours has led them in that direction, we are watching the Republican Party at this particular moment realizes that it was wrong about tariffs, tariffs were horrible, it turns out tariffs do work just as its president said, they were wrong about the sanctity and the independence of the Federal Reserve, it is this president who reintroduced them to the idea that there is no inflation, he has had to correct more institution, more establishment thinking and orthodoxies of the left and right frankly to get us to the point that we can achieve 3 Economic Growth and sustainment at historic record low, unemployment rates, this country was moving until the chinese launched a virus against the United States and the world. We are right now in a Pivotal Moment of crisis, the president declared a National Emergency and by god it is, and by god everybody better understand it. Stuart thank you for being on the show, very important, we will be watching you at five and 7 00 oclock tonight, lou dobbs everyone. We are hearing reports, this is interesting to put it mildly, the former nikola executive chair Trevor Milton has been arrested, what do we know about that. Susan the Public Relations said that this story is not true, this caused waves a few minutes ago when techcrunch reported that Trevor Milton the nikola founder was Firm Executive chairman and arrested by the department of justice and the fbi at Sky Harbor Airport in phoenix, arizona this morning, this is subsequently been removed from techcrunch in the pr and nikola says that is not true, the stock is down over 20 because Trevor Milton has stepped down because of fraudulent comments that he made in regard to the company technology, this is according to the Hindenburg Research group with the short seller and a fake demonstration of a working deep under vehicle that did not work itself General Motors has been a saving grace because the stock is up to a 30 this year end a lot of them came after about a stick around 2 billion as it will Bring Technology to help bring the badger which is Hydrogen Power pickup truck to market in two years time. Stuart to inject a news report like that into the extraordinary volatile situation is irresponsible in the extreme, to repeat whatever organization put that report. Susan according to nikola. Stuart nikola said it is not true, the stock is down 20 . Big show ahead, we are talking to alex azar, health and Human Services secretary, but first Speaker Pelosi threatens impeachment two delay the Supreme Court nomination, take a look at this again. We have our options in our arrow in the quiver that im not about to discuss right now. Stuart we are all over the threat of intimidation of impeachment, of packing the court in the senate, outrageous, the third hour of ernie roles on well, saving on Homeowners Insurance with geicos help was pretty fun too. Ahhhh, its a tiny dancer. They left a ton of stuff up here. Welp, enjoy your house. Nope. No thank you. Geico could help you save on homeowners and renters insurance. Here . Geico could help you save on homeowners nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Stuart we are holding with the loss, i think its almost a low of the day, down 880 points on theyre down, nasdaq is down to 22, this is a selloff across the board between two and 3 down, just about everywhere, listen to this. A possibility if they try to push through a nominee in a lameduck session that you and the house can move to impeach President Trump for attorney general barr as a way of stalling and preventing from acting on his nomination. We have our options and are quiver that im not about to discuss right now but the fact is we have a big challenge in our country. Stuart there you have it, that is the veiled threat of impeachment from Speaker Pelosi, it comes as President Trump says he will announce his court pick later this week, friday or saturday, thats what he told fox early this morning, the front runner set to be Amy Coney Barrett and barbara lagoa, fox nation host, tomi lahren is with us, to that the president would likely decide who is going to be on the Supreme Court or the nominee for the Supreme Court, two women, they will be vigorously opposed and attacked by the democrats. Of course because we know that Women Supporting Women thing only works in the land of the liberals when liberal women supporting liberal women, going back to nancy pelosi who by the way her hair looks very nice, i dont know she got it redone but again i would like to compliment nancy on her hair in her salon trip that nancy say they would possibly not rule out using impeachment to try to delay the process, it shows how tone deaf she is in her entire party, this country is struggling with obviously racial tension, coronavirus and they want to go back to impeachment, lets not forget that the coronavirus came into this country when they were obsessed with impeachment and they will do this again. Stuart you tell me, how do you think this is going to go, Mitch Mcconnell needs 50 votes in the senate, if he can get 50 votes in the senate, then the president s nominee will go one to the Supreme Court, that is going to be very difficult to get the 50 votes because the Republican Party frankly is split on this, what do you say . It is a disgrace, when we look at the Republican Party and what lou said in your past about the disappointment and these republicans, there is also a great disappointment with the republicans for the first two years of Donald Trumps presidency when they had the house and the senate and they couldve moved on immigration, we have to look at the rinos, the republicans and hold their feet to the fire, we have to look at women like Susan Collins and say what potential when is this for you, yemen are behind your name you should be supporting your party in this country, she is a very obviously tight race shes worried about but its trumped arrangement syndrome at every level not just on the democrats and more disappointing when it comes from the republicans. Stuart is armageddon, thats what it is the democrats are going to unleash armageddon because they want to control the Supreme Court for decades to come and they know that that control is under threat, i repeat it is armageddon, it is dangerous, this could spill over into the street and a awful way. Thats what everyone is very fearful of, i dont think the democrats understand or know the American People, they are overplaying their hand with their lawlessness, their chaos, their threats, their intimidation, theres a lot of americans in this country, moderate americans especially in the south in the middle of this country who arent going to put up with this anymore and there about tired of the trips in the games and theyre ready to reelect donald trump to get this country back on track. Stuart we shall see, thank you for joining us this morning, we know exactly where youre coming from. Thank you. I believe joe biden has issued another gas, ash tell me about his. Ashley yes the Campaign Gaffes are coming aplenty, this time the Campaign Events on sunday, roll the tape. Donald trump has his way, the complications from covid19 which are well beyond what they should be, its estimated that 200 Million People died, probably by the time i finish this talk. Stuart hopes. Ashley he meant to say 200,000 u. S. Population is around 328 million by mr. Bidens recommended two thirds of the nation 60 have died from the disease, it is strange because this is not the first time divided has mixed up his math on it this issue, in june he wrongly claimed 120 million had died as a result of covid19 during a Campaign Stop in pennsylvania, he meant to say 120,000 but you wouldve thought he wouldve learned his lesson, stop and think about before he says that, back then many question his mental faculties in the media, now hes done and gone and again. Stuart however, even with the gaffes, his campaign is still pulling in a whole lot more money than the trump campaign, given the numbers if youve got the. Ashley this is interesting according to the biden cam going into september the campaign had 466 million in cash on hand, a massive stockpile and by the way 140 million more than President Trump, bidens massive warchest due in part to record shattering august is all the democratic effort raised over 365 million, i wonder how much mr. Bloombergs money is in there, trump and the gop bought in 210 million in august but trumps big fundraising has been touted as an advantage and his Reelection Campaign has unmasked a whopping 1. 3 billion, that goes from january of last year to the end of august this year but the funding gap has narrowed and not surprisingly that money is pouring in to the battleground states from both sides, that is surprising catch up from the Biden Campaign when it comes to those campaign fun funds. Stuart i would like to hear mre court, or his list of pics, that would tell us in enormous amount and we have not seen it yet and i dont know we will see it. Thank you, President Trump is going to ohio pushing his fight for the american worker, blake burman at the white house give us a preview please. We heard the chance of fill the seat when the president was on the campaign trail in North Carolina and probably hear something similar from the president supporters when he heads to the key battleground state of ohio today, two different stops, dayton and the southwest part of the state and also flying into toledo, that is interesting as well we talk about toledo the michigan ohio border and you almost get a twoforone whenever you visit there, we heard from the president saying he will likely announce his upcoming Supreme Court nominee on friday or saturday and that will clearly take up a lot of the oxygen and focus until then as they try to figure out who the president might select, it was interesting we heard from the president who called into fox friends and asked about the status of a vaccine in which Company Might come to market first, the president did not give a distinct answer but i thought it was interesting he mentioned pfizer first out of the gate saying they are doing quote really well. Stuart pfizer stock is down and so are the other vaccine makers, their stocks are down, support from the president , not from investors, blake, thank you, sir, we appreciate you being with us always, a big selloff to start off the new week, the dow is close to the session lot, now it is down 919 points, the nasdaq down to 27, what is going on right from the opening bell, we had a continuous decline, now are down 900, big guest ahead, judge napolitano on the Supreme Court showdown in hhs secretary alex azar, when will we see the vaccine, more after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Stuart first of all take a look at the selloff, gathering some steam, down 900 on the dow, 217 on the nasdaq, check the state home stocks, they are up, look at this, why should peloton, why should zoom, doc you sign, they are up because theres a likely second wave hitting your, they are considering new restrictions especially in london and the concern that the new restrictions come over to america were not necessarily a new lockdown situation but state Home Companies which are benefiting from state home go up, peloton, zoom, doc you sign all of because of that, larry kudlow, i believe has just quoted saying he is worried about your, europe going into a lockdown situation and later today the mayor of london will be making a decision on new restrictions, yet filling out, that is flowing over into our market as of right now, lets get back to the Supreme Court battle, the showdown President Trump says he will have a nominee by the end of this week, friday or saturday, roll tape. We are going to make a decision on either friday or saturday and i will announce either friday or saturday, were looking for someone who is brilliant and understands the law and abides by the constitution, and a good person, were looking for a good person who is really been somebody who has a very high moral values. Stuart judge Andrew Napolitano joins us now, fox news senior additional analyst, anyway you slice it, its going to be armageddon until the election and maybe beyond, am i right . You are exactly right, the late great one said all politics is local and this year will be an exception to that, the choice of whoever the person, nominee is, the right to make the choice, the decision of the senate to vote on that choice will all be hot button issues in the house of representatives and Senate Election brought the country as well as perhaps second only to coronavirus in the economy in the president ial election, the democrats will wage world war iii to stop this person, particularly if it is judge Amy Coney Barrett, a friend of mine who is a fierce catholic, has already said she believes roe v. Wade should go, the democrats will do everything short of turning the electricity off, im exaggerating a little bit in the Senate Chamber to prevent a vote on her, get ready for this battle that you have been warning about. Stuart House Judiciary Committee chair jerry nadler says if biden wins in the democrats win in november, the court should be packed, you know what that means, that means prettputting extra members ontoe court, i think that would destroy the independence of the Supreme Court, where am i going on here. You are not going wrong at all, this is almost dangerous with you and me agreed on everything, but you are right historically and you are right constitutionally, the last serious effort to pack the court was so unpopular and Franklin Roosevelt administration that fdr washed his hands and claims it was not his idea, the whole purpose of an independent judiciary is to be independent of the political process, to preserve the life, liberty and property of the minority from what the majority may try to do and if the democrats succeed in turning the Supreme Court to a legislature, it will lose its cut ability as having the final say on what the statutes mean and what the constitution means, i do not think this packing the court will work, i think it will explode the democrats faces even if joe biden is elected and does get to pick the next vacant seat after Justice Ginsburg. Stuart you mentioned Amy Coney Barrett but you did not talk about barbar barbara lagoa, i ke is from miami, 11th District Circuit Court of appeals, anything about her judicial philosophy . She is a conservative republican in the vein that President Trump has spoken about, she is very, very popular with the cubanamerican community in miami, florida is a swing state, the last poll i saw which was yesterday showed joe biden, former Vice President biden ahead by four percentage points, just outside the margin of error, should the president pick a Supreme Court nominee who will help him get reelected, the president has got a lot of things to think about when he chooses a Supreme Court nominee and im sure that is among them. Stuart we will find out friday or saturday for sure, thank you very much for being with us, amazing how we agree on some things and its starting. Thank you stuart. Stuart see you soon judge. The House Foreign Affairs committee expected to release a report today about chinas role in the spread of the virus, what did it say. Susan the coronavirus pandemic might have been prevented if china had not covered up the early days of the outbreak with the w. H. O. Be complicit in writing beijing propaganda, this report to the Chinese Communist party destroyed evidence from a buried data one naturalizing the supply chain and limiting exports of key goods like ppe to stay in china instead the w. H. O. Ignored whistleblowing reports coming from taiwan and hong kong in the spread. Stuart that the flatout indictment, china did it. Susan in the complicit in the World Health Organization, nothing that we dont already know. Stuart true but thats what President Trump said about the w. H. O. And china, ive got to move on, President Trump doubling down taino virus vaccine could be ready by this fall, when will it be available for people like you and i i will ask alex azar about that, hes on the show very shortly, first europe sees a second wave of the virus, the uk is considering a new round of shutdowns, larry kudlow just said he is worried about that. More on that follow in just a moment. Im hector. Im a delivery Operations Manager in san diego, california. We were one of the first stations to pilot a fleet of electric vehicles. Were striving to deliver a package with zero emissions into the air. I feel really proud of the impact that has on the environment. We have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future. I can to protect the environment im a verizon engineer. And im part of the team building. A powerful 5g experience for america. 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Its hard to know what the stock market is daytoday because theres been a tech correction that continues, i did think there is some worries that britain might shut down, its kincoming out of london, i cannt verify its not my job but i read the report like everybody else and i think thats a great concern, the usa is in a much better position thankfully, we gain control of the virus, both the cases on the fatalities but i think people are worried about britain and maybe the rest of europe. Stuart that is larry kudlow moments ago confirming what we have been reporting, that is our market is worried about new restrictions being placed in britain because they got a vast increase in the number of cases in the worry is that that comes over here, if you look at travel stocks, you will understand the worry of a second wave coming over here, go through lauren, the travel stocks. Lauren i want to point out when larry kudlow said that the market went down to the lows of the session, what we know is the uk is considering a second lockdown to curtail the spread of new infections because scientists are that the current rate continues and no action is taken, Great Britain could see 50000 cases and 200 deaths a day next month, there is talk of another lockdown, restrictions like 10 00 p. M. Curfew in london and find 13000 for those who test positive and dont isolate, look at the travel stocks, they are down 9 , 8 in many cases and i want to bring you news that we have on two cruise lines specifically Royal Caribbean and norwegian submitted a 65 page paper to the cdc saying this is how we intend to safely sale, has 74 recommendations everything from temperature text to facemasks but as you know the cruise line, the cdc no sale order cannot sale until october and likely it will be later than that. Stuart back to the brits, that was extraordinary, they could see 50000 new cases a day with 200 deaths a day, that is from a country with a population of one fifth of the United States, thats why the travel stocks are down. Lauren how do you message that, if you were a country and a Prime Minister telling people go out, be safe, live life as normal as you can and then you have to say hold on, you are doing that but now you need to pull back a bit, that could be disastrous, i think the messaging here of the second lockdown and how its different from the first one as we go to the spring is not only to the uk but everybody around the world. Stuart absolutely it is, major development, thank you very much indeed, lets bring in the latest on tiktok, there are developments. Susan a performance in the downmarket, we just heard from the global times which is part of the Chinese Government propaganda and they say that beijing might not okay this deal, if we can bring up the tweet from the global times and these are more aggressive arm of the propaganda arm of the beijing government, if china says no, this deal might be off as you see, based on what i kn know, beijing will not approve current agreement between bytedance and tiktok parent, oracle walmart is taking 20 and Tiktok Global worth around 60 billion if you value the whole thing, this will go into an ipo in a years time and adding 25000 jobs, texas might be the tiktok headquarters in the u. S. Which means 5 billion flows of the u. S. Treasury and of course you know President Trump wants a 5 billiondollar Education Fund as well. Stuart beijing says no deal but those two stocks oracle and walmart which would benefit from a deal are still up, that is important. Susan just metrics, were on the verge of a correction for the s p 500 and the levels we are looking for is down another 20 points in the s p which would be 10 down from recent highs also were looking at the worst for the dow since june 11 at its lows. Stuart it is a selloff, down over 800 nearly 900 for the dow industrials. President trump slams joe biden as he says we will have a vaccine in a matter of weeks, watch this. You will have a lot before the end of the year end maybe by the end of october, if this were obama and biden they would not have this vaccine for another two and half years. Stuart how long will it take before you can get a vaccine, will healt ask health and Human Services alex azar. He is next on this program. Keeping your oysters business growing has you swamped. You need to hire. I need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventyfivedollar credit when you post your first job at indeed. Com promo if i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with Xfinity Mobile. I would say you will have it long before the end of the year, maybe by the end of october if pfizer is doing really well, Johnson Johnson has an incredible vaccine that is really well and that will probably be later in my internet is doing well also in oxford on the other side, we are very much involved in that as well given a timetable for the arrival of the vaccine, alex azar secretary of health and Human Services with us now, mr. Secretary think of her coming on the show. Is it realistic for the president to say we will have a vaccine, maybe by the end of october, will that vaccine be tested and whom will get it, who will be distributed to . We have three vaccines and phase three Clinical Trials in the United States which is just unprecedented, the speed that we have been able to go given President Trump support of operation work speed, these are the largest Clinical Trials of vaccines in history, 30000 plus people in each of those Clinical Trials, now with the ceo of pfizer and mentor i my moderna,y see data as soon as end of october coming out of the trials. Whether we see the data will be a decision of independent data and safety monitoring board against prespecified safety and efficacy endpoints, we have no control over that, the science and evidence will determine when we see the data, once we get the data it will be considered by fda against the Gold Standard for approval, we by the end of the year believe is highly credible that we will have the tens of millions of doses of fda Gold Standard vaccine, we literally have made millions of doses of vaccines already thanks to warp speed, already, all six manufacturers that we are working with earn industrial scale manufacturing as we speak. Stuart who gets it first . It will depend on the data, everything will be evidence and data driven, a couple of weeks ago we got the initial report from the National Academy of science, i asked the independent group to give advice on prioritization of groups and they put draft out and theres been public commentary, that will go to cdc with another public process, at the end of the day it will depend on the data, one vaccine may be more appropriate for vulnerable seniors in a nursing home in another vaccine might be appropriate for healthy Healthcare Providers and first responders, it will be data driven based on where will it serve the best and who needs it the most. Stuart can you see the day coming when we got this virus vaccine that you cannot send your child to school unless the child is vaccinated and you cant get on a plane unless your vaccinated, have you started to think about that yet. It is controlled with the state and local level, we dont do it at the federal level, those would be local determinations, my focus is lets get fda safe and effective Gold Standard approved vaccine for the American People and lets get it out in quantities so we can get it to the most vulnerable and those most in need, thats where our focus is right now. Stuart pfizer, Johnson Johnson, madera and astrazeneca, i have five on that list and i know theres another one. Gsk has another of the vaccine candidates. Stuart are they all the same kind of vaccine that works in the same way. This is one of the geniuses of the approach, there are three major mechanisms, messenger rna, at no virus in subunit protein that were using, we have two candidates in those platforms and we anticipate adding a fourth platform in the future, we are diversifying our portfolio, multiple manufacturers, we are managing the risk to maximize the odds of success. Stuart how much money has the United States government put into this effort. Well over 10 billion of commitments for vaccines but this is the president insight, we spent 3 trillion in congress dealing with the Covid Response and recovery effort, really as long as you can spend it credibly and importantly you have an infinite return on investment if you can deliver safe and effective vaccine that can bring us the hope of getting out of this, i will tell you i am brimming without hope whether the therapies that we birdie approved if its remdesivir, steroids or convalescent plasma or nextgeneration, the antibodies that are coming or the safe and effective vaccines that are coming, we are just months away from such an incredible promise in this country from the work that President Trump commissioned and only he wouldve had the nerve and the commitment to stake out a board objective, imagine getting tens of millions of doses of approved vaccine within 12 months of a novel pandemic, its unprecedented. Stuart how about liability protection. Actually the prep act which is a provision in congress, any treatment or vaccine for purposes of a National Emergency pandemic like this comes with liability protection, the product and as well as those who administer that were provided. Appreciate it. Alex azar, thank you for being with us this morning, good stuff indeed. Good to be with you again. Stuart more varney after this. Thats what my dad does. Good job, michael ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a financial advisor. She is aig proudly supports all the professionals taking care of our financial futures. Stuart we have a selloff. It is still in progress. Were not at the lows of the day but were way down there let me list the factors. Okay . Election chaos the possibility of a section a second phase of s hitting us. Banks. What am i missing. S p 500 is just 20 points away from correction territory which is 10 down from recent peaks. The dow looking at the worst session since june 11th. Stuart if you enter a bear market, doesnt mean you will go further down. It is a statement of historical fact. It is future trend. Stuart do you guide historical trends to guide your future investments . If we have second wave and second lockdown, googles, technology plays are the ones that benefit. Stuart bearing in mind the historical stuff you brought to us today, do you expect the market to fall further from here, yes or no . Technicals. Well see how it works out in europe. Stuart two seconds. Youre finished. Your time is up. Neil, it is yours. Neil stuart, thank you very much. Well follow up on the selloff. Well look at everything in the markets, political implications and political things that might be moving this. You know the drill. There is next couple hours well rifle through every pertinent market stat, ancillary investment, that is affected whether that is matching the guest at the moment or not. I like to do when we have fast moving markets we want to keep you abreast of all of them in rapid